Prime Medicine’s (PRME) Outperform Rating Reaffirmed at Wedbush

Wedbush reaffirmed their outperform rating on shares of Prime Medicine (NYSE:PRME) in a report issued on Tuesday, Benzinga reports. The brokerage currently has a $12.00 target price on the stock.

Several other research firms have also issued reports on PRME. TD Cowen began coverage on shares of Prime Medicine in a research report on Monday, April 8th. They issued a buy rating for the company. Stifel Nicolaus downgraded shares of Prime Medicine from a buy rating to a hold rating and decreased their target price for the company from $18.00 to $9.00 in a research note on Tuesday, January 16th. Chardan Capital initiated coverage on shares of Prime Medicine in a research note on Monday. They issued a buy rating and a $17.00 target price for the company. Finally, Guggenheim decreased their target price on shares of Prime Medicine from $24.00 to $20.00 and set a buy rating for the company in a research note on Tuesday, March 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $16.89.

Prime Medicine Stock Performance

Shares of PRME stock opened at $4.80 on Tuesday. Prime Medicine has a one year low of $4.34 and a one year high of $17.20. The company has a 50 day moving average price of $7.06 and a 200 day moving average price of $7.37. The firm has a market capitalization of $575.71 million, a price-to-earnings ratio of -2.21 and a beta of 1.81.

Prime Medicine (NYSE:PRME) last released its quarterly earnings data on Friday, March 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.08). As a group, equities analysts forecast that Prime Medicine will post -1.8 EPS for the current fiscal year.

Insider Buying and Selling at Prime Medicine

In related news, Director Robert Nelsen acquired 3,200,000 shares of Prime Medicine stock in a transaction on Thursday, February 15th. The shares were purchased at an average cost of $6.25 per share, for a total transaction of $20,000,000.00. Following the purchase, the director now directly owns 3,200,000 shares of the company’s stock, valued at approximately $20,000,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 24.29% of the stock is currently owned by insiders.

Institutional Trading of Prime Medicine

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Prime Medicine by 18.5% during the third quarter. Vanguard Group Inc. now owns 3,951,793 shares of the company’s stock worth $37,700,000 after purchasing an additional 617,310 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Prime Medicine by 18.6% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,634,848 shares of the company’s stock worth $34,676,000 after purchasing an additional 571,097 shares during the period. ARK Investment Management LLC raised its holdings in shares of Prime Medicine by 19.7% during the fourth quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company’s stock worth $27,805,000 after purchasing an additional 515,841 shares during the period. Greenwich Wealth Management LLC increased its holdings in shares of Prime Medicine by 16.9% in the 4th quarter. Greenwich Wealth Management LLC now owns 513,001 shares of the company’s stock worth $4,545,000 after acquiring an additional 73,980 shares during the period. Finally, Bollard Group LLC acquired a new stake in shares of Prime Medicine in the 4th quarter worth about $3,200,000. 70.37% of the stock is owned by institutional investors and hedge funds.

About Prime Medicine

Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address the spectrum of diseases by deploying gene editing technology. The company offers Prime Editors with a Prime Editor protein, comprising a fusion between a Cas protein and a reverse transcriptase enzyme; and a pegRNA, which targets the Prime Editor to a specific genomic location and provides a template for making the desired edit to the target DNA sequence.